NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
32 BORROWINGS (CONT’D)
Secured (cont’d)
(b)
Short term advances of $54,914,000 (2013: nil) are charged on securities and/or cash held by certain subsidiaries
of the Company.
Unsecured
Included in the unsecured term loans are the following:
(a)
Short-term trade financing is denominated in US Dollar. Bankers’ acceptances are denominated in Malaysian Ringgit.
All these facilities were utilised for working capital requirements involving purchases and sales of tin concentrates
and tin metal.
(b)
On 9 November 2011, the Company issued $225,000,000 of unsecured 5-year fixed rate notes (“the notes”). The
notes will mature on 9 November 2016 and bear a fixed interest of 4.3% per annum payable semi-annually in arrear.
On 19 June 2014, the Company launched an invitation to all holders of the Notes (‘Noteholders”) for tender/
repurchase of the Notes, coupled with a consent solicitation exercise to amend the terms of the Notes to provide
the Company with the option to redeem all or some of the Notes then outstanding. At a meeting of the Noteholders
convened on 11 July 2014, the Extraordinary Resolution was duly passed. The Company has since repurchased
and redeemed the Notes, enabling the Company to cancel all the Notes by 24 July 2014.
The interest rates of the term loans are repriced at intervals of 1 month to 3 months (2013: 1 month to 3 months).
33 OTHER NON-CURRENT LIABILITIES
Group
2014
2013
$’000
$’000
Retention sums payable
–
251
Unrealised profit on sale of properties to associates
256
772
Severance benefit obligations (note 34(a))
–
189
Other liabilities
64
123
320
1,335
134
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
